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The Filing Cabinet

"The Filing Cabinet," which covers compliance with the Dodd-Frank Act and the Sarbanes-Oxley Act, as well as other regulatory action from the Securities and Exchange Commission, executive compensation, and shareholder activism, is written by CW staff writer Joe Mont. Mont welcomes questions, comments, and statements from readers on SEC filing matters and will address them here when appropriate. Readers can contact him at joe.mont@complianceweek.com.

The Senate Banking Committee this week advanced the Foreign Investment Risk Review Modernization Act. Among its ammendments: prohibiting the President from changing the penalties on Chinese telecommunication companies that have sanctions levied against them.

President Trump and his administration are claiming that an ongoing deregulation agenda has saved the nation an estimated $300 million. Meanwhile, those efforts are bolstered by the creation of a new, like-minded business group.

Sen. Tammy Duckworth (D-Ill.) is asking the FBI to launch an investigation into "potential violations of federal law" by Carl Icahn, a billionaire investor and former adviser to President Trump on regulatory matters. Icahn is accused of conflicts of interest connected to that advisory role.

The newly released Unified Agenda of Federal Regulatory and Deregulatory Actions illustrates the torrid pace of rule-slashing engaged in by the Trump Administration. Another takeaway: don't expect lingering Dodd-Frank rulemaking to reappear any time soon.

As part of President Trump’s stated goal to encourage domestic energy production, the Bureau of Land Management is planning to rescind 2015 rules regarding fracking. The requirements have yet to go into effect due to legal challenges.

In the aftermath of one of the largest global cyber-attacks in history, Congress is considering new legislation and quizzing the FCC over a separate attack that compromised its collection of public comments on net neutrality.

On May 2, the Senate confirmed President Donald J. Trump’s nomination of Jay Clayton as chairman of the SEC. Clayton, previously a partner with the law firm Sullivan & Cromwell, has a reputation as a master of corporate deal making.

A list of core principles that will inform the Trump Administration’s tax overhaul were announced this week. Highlights: reducing the corporate tax rate to 15 percent and relating a one-time tax on repatriated company assets.